Getty Images (Reuters) – Seadrill Ltd, the indebted oil rig firm controlled by Norwegian billionaire John Fredriksen, has agreed a restructuring that almost wipes out existing shareholders after filing for Chapter 11 bankruptcy protection. A deal with a consortium of investors, as well as bank lenders and many of its bondholders, will bring in more than $1…
MUMBAI (Reuters) – Ericsson’s Indian subsidiary has filed insolvency petitions against Reliance Communications and two of its companies to recover unpaid dues, the Indian mobile operator said in a stock exchange filing on Wednesday. The Swedish telecoms equipment maker, which signed a seven-year deal in 2014 to operate and manage Reliance Communications’ nationwide network, is…
Administrators of embattled online retailer SurfStitch Group will kick off a formal sale process in the next week after receiving “multiple” approaches from potential buyers. FTI Consulting director John Park said the administrators would go to market towards the end of this week or early next week seeking interest in a recapitalisation of the SurfStitch Group and offers for its…
COLOURFUL former Taunton MP Sir Edward du Cann has died in Cyprus at the age of 93. Sir Edward was MP for Taunton from 1956 -87 and lived for many years at Cothay Manor, near Wellington. He had a host of business interests but Homes Assured, of which he was a director, crashed with £10…
Sinn Féin Foyle MLA Karen Mullan has is calling for more advice and guidance to be given to students to help prevent them from becoming hooked on gambling. The partys Assembly Education spokesperson was speaking after reports from the Gambling Commission show that some students have £10,000 gambling debt. The Foyle MLA said: The Gambling Commission…
NEW DELHI: Industry body Assocham today sought from the government slew of tax relief for companies against whom insolvency proceedings have been initiated. “Where any outstanding liability, inclusive of any accrued interest is waived in accordance with the approved Resolution Plan, such waiver/write-back should not be subject to tax under both normal and Minimum Alternate…
11:47 13/09/2017 MOSCOW, September 13 (RAPSI) The Commercial Court of St. Petersburg and Leningrad Region has declared Transaero air carrier bankrupt, according to the commercial courts database. The court initiated the bankruptcy proceedings for a term of six months. Transaero found itself unable to pay its debts valued at 250 billion rubles (about $4 billion)…
by Prashant Rao and Chad Bray DowDuPont, the chemicals giant, says it it will shift the focus of its reorganisation plan after shareholders opposed a proposal to break up the company. The decision, announced on Wednesday (AEST), is the latest response by a big company to activist shareholders who have taken on ever-larger targets in…
A team of Norton Rose Fulbright lawyers, including a restructuring and insolvency partner, has left the global giant to set up a boutique firm. Assured Legal Solutions announced today that it has opened for business in Sydney. The boutique firm focuses on commercial and financial services law. Nicola Cosgrove and Chris Cruikshank, of NRFs restructuring…
The government is considering amending the Insolvency and Bankruptcy Code (IBC) to protect the interests of home buyers who have invested their savings to buy a house. There are two options before it amend the bankruptcy law to ensure that buyers get their due and not lose out to banks and financial institutions when a…